On November 4, 2025, the Finternet 2025 - Asia Digital Finance Summit was held in Hong Kong. Li Jinhong, Chairman of OSL GROUP (00863) and Chairman of the Finternet Asia Digital Finance Summit Organizing Committee, delivered an opening speech highlighting the digital asset industry's critical transition from the "Speculation-Driven 1.0 Era" to the "Utility-Driven 2.0 Era." He called for global collaboration to establish a compliant and trustworthy "Financial Internet" that fosters deep integration between digital assets and the real economy. Below is the full text of his speech:

**Li Jinhong, Chairman of OSL GROUP and Chairman of the Finternet Asia Digital Finance Summit Organizing Committee:** Distinguished guests, representatives of regulatory bodies, innovators, and leaders from around the world, good morning. As the Chairman of the Finternet Asia Digital Finance Summit Organizing Committee, I am honored to welcome you all.

Not long ago, the "two worlds" represented here—traditional structured finance and the decentralized digital-native community—stood apart, often with mutual skepticism. Today, our gathering marks the true beginning of a new era of "Great Convergence." There is no better place than Hong Kong to witness this transformation. This city has always been a bridge—connecting East and West, established order and cutting-edge innovation. Now, it stands ready to become the strategic bridge for the "Financial Internet."

We are here because we are witnessing the explosive growth of the Web3 world. This is no longer a niche experiment. We are discussing a proven and undeniable economic force. The International Monetary Fund (IMF) recently noted that the total market capitalization of crypto assets has surpassed $3.5 trillion, with stablecoins alone exceeding $230 billion—an unprecedented milestone.

But this growth is not just about numbers on a screen; it represents a fundamental shift. At its core is a novel technological architecture—blockchain, characterized by decentralization—which has given rise to an entirely new economic ecosystem. Some call it the "Great Reconfiguration of the Internet." This system aims to redefine how information—and now, 'value'—is stored, shared, and owned.

This new ecosystem is fostering boundless innovation and novel business models. To sustain this innovation, it requires its own "lifeblood": digital assets, or more colloquially, cryptocurrencies. They fuel this new world in various forms, creating programmable pathways for defining, managing, and exchanging value.

This leads us to a deeper transformation—tokenization—a concept limited only by our imagination. A decade ago, Bitcoin was merely an idea. Today, its value has surged from near-zero to over $120,000 at its peak, capturing the serious attention of institutional investors. Projections suggest the broader tokenization market will grow from billions to trillions in the next decade.

However, as someone with decades of experience in structured finance and law, I must address the other side of this explosive growth. The speed, new architecture, and pathways of this innovation have understandably sparked significant concerns—not just from the traditional world but also within our industry.

Recent events, such as last month’s historic cryptocurrency market liquidation—dubbed a "flash crash" by media—were not anomalies but stark reminders. This was a systemic stress test, the "growing pains" of an industry transitioning from adolescence to maturity. It reflects the inevitable friction as the "permissionless innovation" of the 1.0 Era collides with the "trust-based world" of the 2.0 Era.

This is the "turning point" we face today. The thrilling but speculative 1.0 Era must give way to the 2.0 Era—defined not by hype but by utility, by "Real Solutions for the Real Economy." This, ladies and gentlemen, is the core mission of this forum: to find that "Equilibrium."

How do we achieve it? We believe it hinges on building a broad, compliant, and trustworthy "Financial Internet"—the essence of "Finternet." This network cannot rely solely on code; it must be founded on constructive global dialogue. It requires innovators in T-shirts and custodians in suits to speak the same language. It demands consensus among regulators, entrepreneurs, and institutions safeguarding the global financial system.

Ultimately, its sole mission must be to serve the real economy. Key themes today—such as establishing robust frameworks for real-world asset tokenization and compliant, efficient payment networks—will pave the way.

In payments, the potential is evident. A joint industry report by Artemis (a digital asset data solutions provider) and OSL GROUP (a leading stablecoin trading and payment infrastructure provider in Asia) found that while stablecoin payments remain small in volume, their annual growth rate is nearly ten times that of traditional payment networks, with B2B payments as the strongest driver.

This is not just macro-level data; we see real-world applications. For instance, OSL GROUP’s licensed payment business in Europe, launched this year as part of its strategic transformation, achieved remarkable success swiftly, validating the market’s urgent demand for compliant solutions. Currently, OSL is pursuing over 50 trading and payment licenses across more than 10 key global markets, underscoring the vast potential of compliant payments.

This is what "Real Solutions" look like—work that trusted, licensed participants must undertake to connect digital assets’ "new power" with the real economy through a global compliant network.

Hong Kong, as a vibrant bridge fostering global dialogue, is the ideal setting for this discussion. The future of the "Financial Internet" is not preordained; it is unwritten. It will be shaped by our choices, vision, willingness to collaborate, and courage to tackle hard problems.

This forum is our opportunity to "discuss and generate ideas," to "Bridge Ideas with Solutions." Let us ensure the Finternet we build is not only innovative but also trustworthy, responsible, and real.

Thank you. Welcome to Finternet 2025 - Asia Digital Finance Summit.